HomeMy WebLinkAbout0930 l. i t i:, t ur~h~~i covt~n~nt~.~i ~~id ~syreccl t,y dnci
twa~n thu N~rti~:: 11~r~~t~ th.~t th~ riyht to the Lc~ssor to
collect th~: rent th~t may ba ?i~~ uncic~r the terrns of this
Leasa by ~ny prc~c~•~~ilinys undc:r Ltie :.~me, or the right to
collect ~ny additional r~.~nt, n~un~y, or paym~.~nts due under
the terms of tt,is L~~:,si: Ly any }~raceedings under the same, ~
or the riyht ~~iv~~n th~ Lassc.r tu entorce ~ny of the terms
an~i provisi~ns o. r I,iS Le~s~ ,:.t?a11 not in any way af fect
the riyhts of th` LI~JJV1 6U d4cl~~re this Leasc:~ void an~i the
L~:rm her.~t;y ~nd~~_~, .s~ her~ir~ E~rovid~.d, wl?~~n d~iault is m<?cle
by the LLJJ~E: in .~ny c~f th~~ t~,r~ns anii provisions hereof.
y. 1 t is i urther cuven~nt~d and agr~:ed by and ~etween
th~.~ p~rti`s her~-tc~ ~h~t in th~~ ev~.~nt of the termination of
this Lea a t ~ny tim~~ bef orc thc: expira tion of the term of
years hereby cr~.~t~d, for the breach by the Lessee of any of
t}~e covenants her~in contained, ttian all of the right,estate
and interest of.thL L~ssee in ~nd under this Indenture and
in the D~inised ~r~~mis~s, and all adclitions and accessions
theretc, th~.~n situat~d an the s~id De~nised Premises~ togethcr
~.ith all th~ r~:nLs, issues ~~nd ~;rofits of said premises and the
improvements tl?~r~ron, whethc~r th~:n ~~ccrued or to accrue, and
all insur~~i~c~: ~:olici~s and ~11 insurance monies paid or pay-
able ther~und~~r, ~nci the then entire undisbursed balance cf
any building escrow fund, ~r~ci the entir~ undisbursed baI-
ance of any th~•n ~-;:isting joint b~,nk account vrhich h:~ve been
~r~~t~~d unci~r th~~ t~~rrr?s hc:r~-af, :~nd all of thE~rn. shall at ~
on~ F.,,~s to ~n:i :iE:COii1C' th~ F~ro~-:erty o: the Ltssar without any
comp~~nsation tt-~«~fcr unto th~ L~ssee, not as a penalty for -
: or f~ i tur~ , hut. a s 1 iquid<~ teci :.i~~m~iyeS tc Le s sor because c r
suct-, :aei aul t::•~ L:~~:,c~~~ ~nd ~h<- cc-:-?sc~7uent cancellation th~~
L~as~, e~c}? ut tt~v ~.arties ~cknowledc~ing it to be the i~~ct
that fcr hr~•a~:t~ .~nd ccnsEqu~i~t cancc:llation of a lor.g-term
~ lease af this charUcttr ti?~> L~-ssor ~rill sustain substantial
dam~g~ of suct? char~ct~:r os t~ ma}:e it most burdensome and
~ tedious, if not actually impossible, to ascertain the amount
~ thereof v~ith mathelnatical ~~r~cision. Each of the parties,
j th~refor, h~1v~ .;yreed upon this provision far liquidated.
~ damag~s in th~- int~rests ot obviatiny what would othervlise be
' burdensome ~nd di f i icult li t~c~3 tic:n to .~?~intain or' to
~ d~iend, as thL c~~~~ ~a~y b~:; ~,nd this provis~on for liquidated
` damages h~s ~e~n ~.:'c~~n into :,cc;ount by ~otii parties in fixing
~ th~ terms or ~nd t.h~ consid`ration fc~r the making of t1?is
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# . h. The L~~~_~~-~ ~rledc~c~s ~•lith ~nd assiyns unto t}i~: Lessor
= dll c: th.~ r~nt.., issucs and pz~fi~s which miyht o~herv:is~
~ ~ccru` t~ th:- L~:.:~•-E- ror th~ usc, er:j:.ym~nt and oc~eraticn
~ of thc D~mis~~ci •~r,ises, an~i in c~n~?ecticn with such pled~ir:g ~
~ c,. ~u::h r~~nts, `t:~ L~~ss~c c~v<~n:~nts and agrees with the Lesscr ,
~ tfl~ t 12 r.t<<~ L~~ ~ ~C,: ~ !1F.;GR Cj~' i i~Ul t`. t~'lf".' Lf,'$Sf?C' ~ E IC'Ct5 t0 f 1~.
~ s~it to ~:nr:,rcc or :~:nc~I th~ I_~ase and perfect the Lessor' s
~ riyi~ts t~~reun~i~:r, ;,.~~~r? thE~ L~sscr rnay, as ancillary to suc'r~
~ ~~it, a~,F;ly ~~r~.~ :.ourt ti~vinr~ jurisdictiar, thereof far tr~~
~ a~pointment uf ::~•ceiver ci ~:1] ar,d singular the Demised
~ Fr~mises~ ~n~i ~,ll ~~:l~iitions and accessions thereto, and ther~:-
upon, it is ~~xE~r~~JJly ccvenant~~d ar~d agreed that the Court
~ sh~ll :orthwith a~~point a Kc~cciv.~~r with the usual powers and
duti~s ci Ett~cciv~rs in lik~ c~sE~s, and such appointment shall
- b~: rn~.~~ by suct~ ::o~~rt as ~ matter of strict right to the
~ Lesscr ~ and v~i tt.-~~t r~~f erence t~ the adequacy or inadequacy
o: the v.~lur of thc• ~;roperty ti•rt?ich is subject te the Landlcrd's
1 ier?, cr tc. tt~.~ ~c,lv.~ncy ~r insolvE,ncy of the Lessee, and
- withcut reference to the commission cf a~:ast~.
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